THE FORTRESS RESORTS PLC

Transcription

1 FOR THE PERIOD ENDED 30 TH SEPTEMBER 2018

2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 TH SEPTEMBER As.At As.At Change % Audited ASSETS Rs. '000' Rs. '000' Non-Current Assets Property, Plant & Equipment 1,369,786 1,371,563 - Intangible Assets 3,676 4,011 (8) 1,373,462 1,375,574 - Current Assets Inventories 21,636 21,755 (1) Trade and Other Receivables 20,483 41,453 (51) Advances and Prepayments 43,773 40,940 7 Short Term Deposits 380, ,800 (18) Cash and Bank Balances 8,090 15,122 (47) 474, ,070 (19) Total Assets 1,847,598 1,958,644 (6) EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,108,867 1,108,867 - Accumulated Profits 530, ,211 (18) Equity attributable to Equity Holders of the Parent 1,639,147 1,755,078 (7) Non Conttolling Interest Total Equity 1,639,148 1,755,079 (7) Non-Current Liabilities Interest Bearing Loans and Borrowings 14,818 17, Retirement Benefit Obligation 14,651 14,505 (1) Deferred Tax Liability 41,394 41,394-70,863 73,068 3 Current Liabilities Trade and Other Payables 121, ,998 (8) Income Tax Payables 1,992 13, Interest Bearing Loans and Borrowings 14,294 4,841 (195) 137, ,497 (5) Total Equity and Liabilities 1,847,598 1,958, Net Asset Value per Share (Rs.) I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007 Sgd Chief Financial Officer The Board of Directors is responsible for the preperation of these financial statements Sgd Sgd Director Director Colombo 13 th November 2018

3 FOR THE PERIOD ENDED 30 TH SEPTEMER 2018 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 TH SEPTEMBER FOR 3 MONTHS ENDED Change YEAR TO DATE Change % % Rs. '000' Rs. '000' Rs. '000' Rs. '000' Revenue 132,372 89, , , Cost of Sales (55,137) (45,673) (21) (105,159) (91,714) (15) Gross Profit 77,235 43, ,407 94, Other Income and Gains 6,850 4, ,534 14,187 (12) Selling and Marketing Expenses (6,733) (4,831) (39) (12,590) (9,086) (39) Administrative Expenses (75,417) (69,324) (9) (144,779) (136,284) (6) Finance Cost (596) (1,013) 41 (1,225) (1,776) 31 Finance Income 10,868 9, ,563 20, Profit/(Loss) before Tax 12,207 (17,565) ,910 (17,912) 206 Income Tax Expenses (3,429) 429 (899) (23,954) (1,707) (1,303) Profit / (Loss) for the period 8,778 (17,136) 151 (5,044) (19,619) 74 Other Comprehensive Income - - Actuarial Loss on Defined Benefit Plan Income tax effect Other comprehensive Loss for the year, net of tax Total Comprehensive Income/(Loss) for the period net of Tax 8,778 (17,136) 151 (5,044) (19,619) 74 Attributable to: Equity holders of the parent 8,778 (17,136) 151 (5,044) (19,619) 74 Basic Earnings/(Loss) Per Share (Rs) 0.08 (0.15) 151 (0.05) (0.18) 74 Dividend per share (Rs) : Figures in brackets indicate deductions

4 COMPANY, STATEMENT OF FINANCIAL POSITION AS AT 30 TH SEPTEMBER As.At As.At Change % Audited ASSETS Rs. '000' Rs. '000' Non-Current Assets Investment In Subsidiary 1,000,010 1,000,010-1,000,010 1,000,010 - Current Assets Other Receivables 109, ,914 8 Cash & Cash Equivalents (96) 109, ,382 8 Total Assets 1,109,279 1,101,392 1 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,108,867 1,108,867 - Accumilated Profits/(loss) (123) (8,224) 99 Total Equity 1,108,744 1,100,643 (1) Non-Current Liabilities Interest Bearing Loans and Borrowings - - Retirement Benefit Obligation Current Liabilities Trade & Other Payables Bank Overdraft Total Equity and Liabilities 1,109,279 1,101,392 (1) - Net Asset value per share (Rs.) I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007 Sgd Chief Financial Officer The Board of Directors is responsible for the preperation of these financial statements Colombo 13 th November 2018 Sgd Sgd Director Director

5 COMPANY, STATEMENT COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 TH SEPTEMBER FOR 3 MONTHS ENDED Change YEAR TO DATE Change % % Rs. '000' Rs. '000' Rs. '000' Rs. '000' Revenue - - Cost of Sales Gross Profit Other Income and Gains 1, ,808 1,818 6,655 Selling and Marketing Expenses Administrative Expenses (1,418) (1,044) (36) (3,818) (3,417) (12) Finance Cost (1) - - (2) - - Finance Income Profit/(Loss) before Tax (1,419) ,988 (1,599) 7,541 Income Tax Expenses Profit /(Loss) for the period (1,419) ,988 (1,599) 7,541 Other Comprehensive Income - - Total Comprehensive Income/(Loss) for the period (1,419) ,988 (1,599) 7,541 Basic Earnings / (Loss) per share for the period (0.01) (0.01) 7,541 Dividend per share (Rs) : Figures in brackets indicate deductions

6 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 TH SEPTEMBER Attributable to the equity holders the parent Group Stated Capital Accumulated Profit/(Losses) Non Controlling Interest Total Rs. '000' Rs. '000' Rs. '000' Rs. '000' Balance as at 01st April ,108, , ,755,079 Loss for the Period - (5,044) - (5,044) - Dividend (110,887) (110,887) Balance as at 30 th September ,108, , ,639,148 Balance as at 01st April ,108, , ,614,523 Loss for the Period - (19,619) - (19,619) Other Comprehensive Income Balance as at 30 th September ,108, , ,594,904 of Stated Accumulated Total Company Capital Profit/(Losses) Rs. '000' Rs. '000' Rs. '000' Balance as at 01st April 2018 # 1,108,867 (8,224) # 1,100,643 Profit for the Period # - 118,988 # 118,988 Dividend - (110,887) (110,887) Balance as at 30 th September 2018 # 1,108,867 (123) 1,108,744 Balance as at 01st April 2017 # 1,108,867 (4,713) # 1,104,154 Loss for the Period # - (1,599) # (1,599) Balance as at 30 th September ,108,867 (6,312) 1,102,555 :Figures in brackets indicate deductions

7 STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 TH SEPTEMBER FOR THE PERIOD ENDED FOR THE PERIOD ENDED Group Company Rs. '000' Rs. '000' Rs. '000' Rs. '000' Cash Flows From / (Used in) Operating Activities Profit/(Loss) before tax 18,910 (17,912) 118,988 (1,599) Adjustments for - Depreciation 36,455 37, Amortisation Finance Cost 1,223 1, Finance Income (25,562) (20,402) - - Dividend Income - - (122,808) 1,818 (Profit)/Loss on Disposal of Property, Plant & Equipment (947) (4,039) - - Provision for Defined Benefit Obligation 1,905 2, Operating Profit/(Loss) before Working Capital Changes 32,600 (694) (3,820) 219 (Increase)/ Decrease in Inventories 119 (3,490) - - (Increase)/ Decrease in Trade and Other Receivables and prepayments 18,138 (18,094) (8,338) 1,813 Increase /(Decrease) in Trade and Other Payables (7,890) 36,702 (239) (214) Cash Generated from / (Used in) Operations 42,967 14,424 (12,397) 1,818 Finance Cost Paid (1,223) (1,776) - - Defined Benefit Obligation paid (1,759) (657) - - Income Tax paid (18,426) (11,114) - - Net Cash From / (used in) Operating Activities 21, (12,397) 1,818 Cash Flows from / (Used in) Investing Activities Proceeds from Disposal of Property Pant and Equipment 1,521 5, Acquisition of Property, Plant and Equipment (35,084) (55,946) - - Acquisition of Intangible Assets (281) (1,100) - - Investment in Fixed deposits (60,539) (5,000) - - Withdrawal of Fixed Deposits 141,821 27, Dividend Received ,808 (1,818) Finance Income Received 27,757 19, Net Cash from/(used in) Investing Activities 75,195 (9,082) 122,808 (1,818) Cash Flows from (Used in) Financing Activities Dividend (110,887) (110,887) - Re-payment of Bank Loans Principal Payments under Finance Lease Liabilities (2,351) (1,839) - - Net Cash from/(used in) Financing Activities (113,238) (1,839) (110,887) - Net Increase/(Decrease) in Cash and Cash Equivalents (16,484) (10,044) (476) - Cash and Cash Equivalents at the beginning of the Period 15,122 14, Cash and Cash Equivalents at the end of the period (1,362) 4,437 (8) 468 For the purpose of the cash flow statement, the period end cash and cash equivalents comprise of the following: Cash at Bank & In Hand 8,090 14, Bank Overdraft (9,452) (10,272) (25) - (1,362) 4,437 (8) 468 :Figures in brackets indicate deductions

8 NOTES TO THE FOR THE PERIOD ENDED 30 TH SEPTEMBER 1. Market Price of Ordinary Shares Rs. Rs. Highest Price Per Share for the Quarter Lowest Price Per Share for the Quarter Last Traded Financial year of the Company / Group ends on 31st March. Interim figures are for three months ended 30 th September The Statement of Financial Position of the Company and Group as at 30 th September 2018 and Statements of Income, Changes in Equity and Cash Flow for the period then ended have been prepared in accordance with Sri Lanka Accounting Standars 34,interim financial statements and are in agreement with the books of accounts maintained by the group and have provided the information required by the Colombo Stock Exchange. 4. The presentation and classification of figures for the corresponding period of the previous year have been amended, where relevant, to be comparable with those for the current year. 5. All values included in these Financial Statements are in ''000'' unless otherwise stated. 6. There were no other material events took place since 30 th September 2018, that require disclosures in the Financial Statements. 7. Subsidiaries. The Subsidiaries and its controlling percentages of the Group,which have been consolidated are as follows Subsidiaries La Forteresse (Private) Limited 100% 100% Summer Season Mirissa (Private ) Limited 99.99% 99.99% The Principal activities of the subsidiaries are provision of lodging, food, beverage and other hospitality industry related services. The Financial Statement of the subsidiaries are prepared in compliance with the Group's accounting policies unless stated otherwise. 8. Net Assets value per Share has been calculated, for all periods, based on the number of shares in issue as at 30 th September 2018, amounting to 110,886, There has not been a significant change in the nature of the contingent liabilities,which were disclosed in the Annual Report for the year ended 31 March Graphical Analysis of Seasonality performance - For the Quarter 11. The percentage of the shares held by public as at 30 th September 2018 was % Comprising of 2,089 Shareholders. (30 th September % Comprising 2,080 shareholders) 12. The float adjusted market capitalization as at 30 th September ,529, The Float adjusted market capitalization of the company falls under Option 2 of Rule (b) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirment applicable under the said option.

9 14. NOTES TO THE FOR THE PERIOD ENDED 30 TH SEPTEMBER 2018 The interim financial statements are unaudited and have been prepared in accordance with the same accounting policies and methods set out in the Annual Financial Statements for the year ended 31 March 2018 and are in compliance with the Sri Lanka Accounting Standard 34 - Interim Financial Reporting. 15. The number of shares held by the Board of Directors as of 30 th September 2018 are as follows: Name of the Director No of Shares % 1 Mr. Dhammika Perera 10,329, Mr.K.D.H Perera -Managing Director Nil - 3 Mr.J.A.S.S. Adhihetty 13, Mr. Malik J. Fernando 833, Mr. Merril.J. Fernando 2,124, Mr.W.A.C. J. Wickramasinghe (Resigned w.e.f ) 19, Mr. S. Senaratne 1, Mr. L.T.Samarawickrama 1, Mr. D.E.Silva Mr.L.N.De Silva Wijeyeratne Nil - 11 Mr.Jan P Van Twest Nil - 12 Mr.C.V.Cabraal Nil 13 Mr.C.U Weerawardena (Appointed w.e.f ) Nil - Mr.H.Somashantha (Alternate Director to Nil 14 Mr.L.T.Samarawickrama) - Ms.A.A.K Amarasinghe (Alternate Director to Mr.Dhammika Nil 15 Perera) Twenty largest shareholders of the company as of 30 th September 2018 are as follows: Name of the Share Holder No of Shares % 1 M J F HOLDINGS LTD 28,616, VALLIBEL LEISURE (PRIVATE) LIMITED 24,417, VALLIBEL ONE PLC 19,977, MR DHAMMIKA PERERA 10,329, L B FINANCE PLC 4,051, MR. MERRIL J FERNANDO 2,124, FREUDENBERG SHIPPING AGENCIES LIMITED 1,496, BANK OF CEYLON NO. 1 ACCOUNT 1,461, SEYLAN BANK PLC/JAYANTHA DEWAGE 1,441, MRS N U D ARIYARATNA 843, MR D C FERNANDO 833, MR. MALIK J FERNANDO 833, MR. A P L FERNANDO 775, SEYLAN BANK PLC/BERTRAM MANSON AMARASEKARA 550, ANVERALLY AND SON (PVT) LTD A/C NO 1 373, MOTOR SERVICE STATION (PRIVATE) LTD 353, ROYAL CEREMICS LANKA PLC 336, ACCUITY PARTNERS (PVT) LIMITED/MR.ARUMAPURAE PETER LASANTHA FERNANDO 332, SEYLAN BANK PLC/A.M.NIHA ANURUDDHA ABEYKOON 294, MR D F G DALPETHADO AND MRS.H F A K D FORNSEKA 294,

10 Corporate Information Name of the Company Secretaries The Fortress Resorts PLC P W Corporate Secretarial (Pvt) Ltd. No.3/17, Kynsey Road. Company Registration No Colombo 08. PQ 207 Telephone : Fax : pwcs@pwcs.lk Legal Form Public Quoted Company with Limited Liability, Quoted on the Diri Savi Board of the Colombo Stock Exchange. Registered Office Level 27, East Tower World Trade Center, Echelon Square Colombo 01. External Auditors Ernst & Young Chartered Accountants 201,De Seram Place, Colombo 10. Board Of Directors Mr. Dhammika Perera (Chairman) Colombo 02. (Alternate Director Ms.A A K Amarasinghe) Mr.K D H Perera ( Managing Director ) Mr. J A S S Adhihetty Mr. Malik J Fernando Mr. Merril J Fernando Mr. W A C J Wickramasinghe (Resigned w.e.f ) Mr. S Senaratne Mr.L T Samarawickrama (Alternate Director Mr.H Somashantha) Mr.D E Silva Mr. L N De Silva Wijeyeratne Mr.Jan Peter Van Twest Mr.C V Cabraal Mr.C U Weerawardena (Appointed w.e.f ) Internal Auditors BDO Partners Chartered Accountants ''Charter House'' 65/2, Sir Chittampalam A Gardiner Mawatha Bankers Bank of Ceylon Sampath Bank PLC Pan Asia Banking Corporation PLC Subsidiary Companies La Forteresse (Private) Limited Summer Season Mirissa (Pvt) Ltd Hotel The Fortress Resorts & Spa, Koggala Telephone : Fax : info@thefortress.lk